UltraTech Cement on Friday announced the purchase of 8.69 per cent in Meghalaya-based Star Cement for INR8.51bn (US$99.675mn).
The latest acquisition is yet another indication of its rivalry with the Adani group with both the conglomerates engaging in a mix of organic expansions and acquisitions to dominate India’s cement sector.
UltraTech Cement is currently the country’s largest cement maker. It has an installed capacity of 156.66Mt of grey cement. The Kumar Mangalam-Birla led firm intends to ramp up this capacity to 200Mt by 2026-27.
Star Cement has an installed capacity of 7.7Mt and it has presence in the North-Eastern markets. It is also expanding in the eastern markets of West Bengal and Bihar. It is the largest cement brand in North East India.
The acquisition marks UltraTech Cement's second acquisition of another listed company in 2024. The company previously acquired the entirety of India Cements via three different financial investments.
